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London house prices fall at highest rate since 2011
House prices in London fell at their fastest monthly rate since 2011, according to data published today by the Office for National Statistics.
Average London house prices dropped from £480,000 in September to £474,000 in October – the biggest month-to-month fall since April to May 2011.
Last year, house prices remained static at £440,000 between September and October, meaning they have risen 7.2% over the course of the year despite this month’s fall.
The 1.25% drop comes after London house prices appeared to have peaked in July, when they reached £481,000, the Office for National Statistics data showed.
London’s was the biggest single fall in prices, with smaller drops reported in the North West, the North East and Yorkshire and the Humber, where they fell by around 0.7% from September to October.
The strongest rise over the period was recorded in the East, where prices crept up by 1.5% from £275,000 to £279,000.